PayPal has officially enabled businesses in the United States to buy, sell, and hold cryptocurrency. Business merchants will now be able to execute various crypto transactions directly from their PayPal business accounts. The functionally is now available in 49 of the 50 states, only excluding New York.
The move marks yet another step into the digital asset sector for the digital payment platform. Moreover, the development is a step towards increasing the potential adoption of the asset class within the United States.
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PayPal Announces US Businesses Can Buy and Trade Crypto
Few traditional finance entities have been as outspoken in their advocacy of crypto as PayPal. The platform launched its very own PYUSD stablecoin earlier this year. Now, they are taking a massive step forward for United States-based companies that embrace the asset class.
Indeed, PayPal has announced that it will now let US businesses buy, sell, and hold cryptocurrencies. In a recently issued press release, the platforms Sniero Vice President of Blockchain and Crypto, Jose Fernandez da Ponte, noted the decision was rooted in increased demand.
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“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” da Ponte Said. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”
PayPal also announced that PayPal is enabling U.S. merchants to externally transfer cryptocurrency on-chain to third-party eligible wallets. PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.
